Master's Theses


Economics, Finance, & Accounting

Degree Name

Master of Science (MS)


The problem presented by this thesis was to make a determination of the relative merits of voluntary accumulation investment programs in no-load and normal load mutual funds, and of contractual accumulation investment programs. The procedure employed in reaching such a determination was to assume a $300 quarterly investment plan in the required types of programs and mutual funds over a ten year span of time. Nearly all data for the study were obtained from the investment companies themselves and from Barron's National Business and Financial Weekly. The investigation revealed that, with few exceptions, voluntary accumulation programs in investment companies with no sales charge performed better than the same type of programs in investment companies with a normal sales charge, and that the contractual programs fared least favorably of all. The study further disclosed that substantial losses would have resulted had it been necessary to terminate the contractual programs during their early years. As a group, the average redeemable value on December 31, 1964, of shares in funds with objectives of growth and income, and income and growth, surpassed the value of shares in funds with objectives of growth, income, and stability.


Archie C. Thomas

Date of Award

Spring 1965

Document Type

Thesis - campus only access


© 1965 Robert S. Crissman


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